Jobs Report Promising

As a blogger for Insurance School Florida, I see that Florida is in the insurance news a lot recently .  In  Northern Florida  , a man was arrested for insurance fraud for setting fire to his Yacht named “Shameless.”  This guy tells it like it is .   I wonder what’s  his wife’s name?  ”Trophy”?   I suppose that he named  his first child , “Tax Deduction”?

 This story comes at the same time   a report shows that Florida is the number  1  state for vehicular staged accident fraud .  This is where multiple  cars working  in tandem  force  an innocent  to hit them.  All of those in the car will claim $20,000 worth of injuries and a single  accident  can net the criminals $80,000 .   It appears that these  crooks are great actors  to pull this off day after day  .   I’m surprised  that Florida has better actors than California, because they are only number 3 on the  report .

 Some really good news  this week is that insurance companies are hiring  or planning to hire this year  .  A poll  revealed  that 74 percent  of top insurance carriers plan to hire this year .  This comes after the April Job Report which showed that  over 200,000  jobs were added last month.  That’s the largest number in 4 years.  The report also showed that Economic Confidence is much higher and  folks who have been out of work  for a long time and had stopped looking for work  are now actively looking for work again .

Florida has long been a high-risk property insurance market because of Hurricanes .  The industry was hit hard in 2005 , and it has since raised its premiums .  But the Industry claims that it is losing money every year on these policies  even with the absence of a single Florida hurricane  .  How do you lose $700 million dollars when there are no claims to payout ?  Imagine a casino  never losing a hand but saying they lost money  .  I’m sure there are  loads of  complexities here, but it  just doesn’t jibe with common sense  .  

It just shows that Insurance and the State of Florida like to  mix it up  .   . 

Rick Sabian

Insurance School 

Insurance License Florida

 

 

 

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